FxWirePro: GBPJPY holds well above 135, jump till 136.35 likely
Ichimoku Analysis (4-hour chart)
GBPJPY is trading higher for past 1- week and jumped more than 350 pips on the strong Pound sterling. GBP gained sharply against USD after UK Chancellor of Exchequer Rishi Sunak unveils $37 billion coronavirus stimulus package. It is holding above 1.3600, a jump till 1.2680 possible.
The daily chart shows that the pair is trading above 100- day MA (134.04). The near term resistance is around 135.75, any violation above will take the pair to next level till 136.16 (200- EMA)/136.35/137.49 (200- MA).
On the lower side, strong support is at 135.05, and the violation below that level targets 134.50/133.90.
It is good to buy on dips around 135.45-50 with SL around 135 for the TP of 136.35.